PRESS RELEASE

Kinross Returns to Profitability and Expands Reserves

March 1, 2004…Toronto, Ontario – Kinross Gold Corporation

(TSX-K; NYSE-KGC) (“Kinross” or

“the Company”) announced today the unaudited results for the three months and year ended December

31, 2003, as follows:

All results are expressed in United States dollars, unless otherwise stated, and are unaudited. All per share

information has been adjusted to give retroactive effect for the three for one consolidation of the common shares,

which was completed on January 31, 2003. Accordingly, loss per share for the three months and year ended

December 31, 2002, has been adjusted to give retroactive effect to the share consolidation. The combination with

TVX Gold Inc. (“TVX”) and Echo Bay Mines Ltd. (“Echo Bay”) was accounted for as a purchase with an effective

date of January 31, 2003. Accordingly, the financial statements and gold equivalent production statistics reflect

operating results for the acquired properties for the months of February to December only.

Highlights

•

•

•

•

•

•

•

•

•

Earnings per share of $0.09 for the fourth quarter and $0.06 for the full year in 2003

Production of 1.62 million gold equivalent ounces at total cash costs of $222 per ounce

Cash flow from operating activities of $106.4 million in 2003

Increased proven and probable reserves by 7.5% to 14.1 million ounces of gold and by

19% to 38.6 million ounces of silver

TVX and Echo Bay have been fully integrated into Kinross

Growing pipeline of advanced exploration and development projects to sustain and grow

future production

Year end cash balance of $245.8 million

Long-term debt virtually eliminated

Gold hedge book less than 2% of reserves, will be eliminated by early 2005

Bob Buchan, President & CEO, stated that, “2003 was a very important transitional year for

Kinross with the completion of the merger and subsequent integration of TVX and Echo Bay

into Kinross. We have accomplished much in the last year, including: returning the Company to

a position of financial strength, growing our reserves, returning to profitability, achieving record

annual production and being on the verge of eliminating our gold hedge book. We enter 2004 as

a senior global gold producer with a strong North American platform. Approximately 50% of our

expected 2004 production is based in the US and about 70% in North America. This platform has

allowed us to pursue global opportunities to position the Company for future growth. We have a

robust pipeline of advanced exploration and development projects that will sustain our

production and we are now very focused on those opportunities that will allow us to return to the

growing production profile that has been the hallmark of Kinross since inception. We are

confident that 2004 will be an excellent year for Kinross and we look forward to our share price

reflecting this reality.”



Full Year

The Company’s share of attributable gold equivalent production was 1,620,410 ounces in 2003, an

increase of 82% when compared to the 888,634 ounces produced in 2002. Average total cash costs per

attributable gold equivalent ounce were $222 in 2003, compared to $201 in 2002. Cash flow provided

from operating activities in 2003 was $106.4 million, compared to $62.6 million in 2002. The

Company’s unrestricted cash and cash equivalents have increased from $170.6 million in 2002 to $245.8

million in 2003. The Company realized earnings attributable to common shares of $19.7 million in 2003

and earnings per share of $0.06 compared to a net loss for 2002 of $30.9 million, or $0.32 per share.

Fourth Quarter

The Company’s share of attributable gold equivalent production was 406,535 ounces in the fourth quarter

of 2003, an increase of 76% when compared to 231,238 ounces in 2002. Average total cash costs per

attributable gold equivalent ounce were $215 in the fourth quarter 2003, compared to $198 in 2002. Cash

flow provided from operating activities in 2003 was $24.7 million, compared to $14.1 million in 2002.

The Company had earnings attributable to common shares of $32.2 million or $0.09 per share for the

fourth quarter of 2003 compared with a loss attributable to common shares of $14.7 million, or $0.12 per

share in 2002. During the fourth quarter of 2003 the Company realized a gain on sale of assets of $29.7

million partially offset by asset write downs and other non-cash charges of $9.8 million.

Three months ended

December 31,

2002

2003

Net earnings (loss) for the period

Increase in equity component of convertible debentures

Gain on redemption of convertible debentures

Net earnings (loss) attributable to common shares

Weighted average number of common shares outstanding

Earnings (loss) per share

$

$

$

32.2

-

-

32.2

341.8

0.09

$

$

$

(12.9)

(1.8)

-

(14.7)

124.2

(0.12)

$

$

$

Twelve months ended

December 31,

2002

2003

9.7

(6.5)

16.5

19.7

308.6

0.06

$

$

$

(30.9)

(7.3)

-

(38.2)

119.7

(0.32)

Revenues

Gold and Silver Sales

The Company’s primary source of revenue is from the sale of its gold production. The Company sold

1,541,575 ounces of gold in 2003, compared to 848,513 ounces in 2002. Revenue from gold and silver

sales was $571.9 million in 2003 compared to $261.0 million in 2002. In 2003, the Company realized

$357 per ounce of gold, compared to $306 in 2002. The average London market spot price for gold was

$364 per ounce in 2003 compared to $310 in 2002.

2



Years Ended December 31,

2003

Attributable gold equivalent production - ounces

Gold sales - ounces (excluding equity accounted ounces)

Gold sales revenue (millions)

Gold deferred revenue realized (millions)

Total gold revenue realized (millions)

Average sales price per ounce of gold

Deferred revenue realized per ounce of gold

Average realized price per ounce of gold sold

Average spot gold price per ounce

Silver sales revenue (millions)

$

$

$

$

$

$

1,620,410

1,541,575

547.6

2.3

549.9

355

2

357

364

22.0

$

$

$

$

$

$

2002

888,634

848,513

254.5

5.1

259.6

300

6

306

310

1.4

Included in gold equivalent production is silver production converted to gold production using a ratio of

the average spot market prices for the two comparative years. The resulting ratios are 74.79:1 in 2003

and 67.24:1 in 2002.

The above non-GAAP measure of average realized price per ounce of gold sold has been calculated on a

consistent basis in each period.

The calculation of average realized price per ounce of gold sold might not be comparable to similarly

titled measures of other companies.

Average realized price per ounce of gold sold is used by management to assess profitability and cash flow

of individual operations as well as to compare with other precious metal producers.

Interest and Other Income

The Company invests its surplus cash in high quality, interest-bearing cash equivalents. Interest and other

income during 2003 totaled $12.3 million compared to $16.9 million in 2002. Interest and other income

in 2003 was comprised of interest on cash deposits of $4.6 million, Sleeper mine reclamation recovery of

$4.0 million, $1.3 million from the sale of Echo Bay’s Mexican companies and $2.4 million of other

items. This compares to 2002 interest on cash deposits of $1.5 million, joint venture management fees of

$2.4 million, arbitration settlements of $10.3 million and $2.7 million of other items. There are no

material insurance or arbitration claims outstanding at December 31, 2003.

Mark-to-Market Gain (Loss) on Written Call Options

In accordance with recommendations from the Canadian Institute of Chartered Accountants in 2000 on

accounting for written call options, the premiums received at the inception of written call options are

recorded as a liability. Changes in the fair value of the liability are recognized in earnings. The change in

fair value of the written call options resulted in a mark-to-market gain of $0.4 million in 2003. This

compared to a loss of $2.7 million in 2002. The remaining positions expire by June 2004.

3



Costs and Expenses

Operations Summary

Gold equivalent production in 2003, (excluding equity accounted ounces) increased by 82% when

compared to 2002 production, while operating costs increased by 122%. Consolidated operating costs

were $387.3 million in 2003 compared to $174.8 million in 2002. Total cash costs per ounce of gold

equivalent were $222 in 2003 compared to $201 in 2002. Total cash costs per ounce of gold equivalent in

2003 increased at Kubaka as low-grade stockpiles were being milled. Costs increased at the Porcupine

Joint Venture as the Canadian dollar strengthened during the year. Costs also increased at the Fort Knox

mine due primarily to the lower gold production from the True North mine.

Consolidated Production Costs per

Equivalent Ounce of Attributable Gold Production

Years Ended December 31,

2003

Cash operating costs

Royalties

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

$

$

211

11

222

6

91

319

$

$

2002

194

7

201

4

101

306

The following table provides a reconciliation of operating costs per the consolidated financial statements

to operating costs for per ounce calculation of total cash costs pursuant to gold industry guidelines.

Reconciliation of Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Years Ended December 31,

2003

Operating costs included in financial statements

Operating costs for attributable production

Site restoration cost accruals

Change in bullion inventory

Operating costs not related to gold production

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$

$

$

387.3

0.4

(9.4)

(2.5)

(16.4)

359.4

1,620,410

222

$

$

$

2002

174.8

13.4

(3.0)

(2.0)

(4.4)

178.8

888,634

201

The above non-GAAP measure of total cash costs per ounce has been calculated on a consistent basis in

each period.

For reasons of comparability, total cash costs do not include certain items such as property write downs,

which do not occur in all periods but are included under GAAP in the determination of net earnings or

loss.

Total cash costs per ounce are calculated in accordance with gold industry guidelines. Total cash costs

per ounce may not be comparable to similarly titled measures of other companies.

4



Total cash costs per ounce information is used by management to assess profitability and cash flow of

individual operations, as well as to compare with other precious metals producers.

Total cash costs per ounce of gold equivalent increased by 10% during 2002. Details of the individual

mine performance are discussed in the following sections.

The item total cash cost per ounce is furnished to provide additional information and is a non-GAAP

measure. This measure should not be considered in isolation as a substitute for a measure of performance

prepared in accordance with generally accepted accounting principles and is not necessarily indicative of

operating profit or cost from operations as determined under generally accepted accounting principles.

There are no differences in computing operating costs under U.S. GAAP.

OPERATIONS – INDIVIDUAL MINE DISCLOSURE

Fort Knox (100% Ownership Interest), USA

Production at the Fort Knox operation during the fourth quarter of 2003 was 100,674 gold equivalent

ounces, down from the 114,357 ounces produced during the same period last year, and 13% less than

plan, due primarily to lower gold grades and lower metallurgical recoveries from the True North deposits.

Gold equivalent production for 2003 was 391,831 ounces compared to 410,519 ounces in 2002. The

processing of lower grade True North ore that was slightly more refractory due to the presence of

sulphides, adversely impacted gold recoveries in 2003. Fourth quarter total cash costs were $223 per gold

equivalent ounce, a 6% rise over the same period last year and 9% higher than forecast. Total cash costs

per gold equivalent ounce for 2003 increased 5% to $243 compared to the same period last year. Total

cash costs were higher as a result of lower than plan gold production caused primarily by the lower than

expected contribution from True North.

The recently revised expectation for the Fort Knox mine is for 2004 gold production of approximately

340,000 ounces at total cash costs of $220 per ounce. This revision reflects the intent to suspend mining

of the True North mine for several months in early 2004 and use the True North mining fleet to complete

the next phase of the tailings dam lift at Fort Knox rather than rely on more expensive contractors. Under

this scenario mining of True North would be reactivated later in 2004 and would extend into mid-2005.

Reconciliation of the Fort Knox Mine Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

2003

Operating costs included in financial statements

Site restoration cost accruals

Change in bullion inventory

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$ 92.8

(2.5)

4.9

$ 95.2

391,831

$ 243

Year Ended

December 31,

2002

$ 99.2

(1.0)

(2.9)

$ 95.3

410,519

$ 232

Total cash costs are non-GAAP measures. For further information on this non-GAAP measure, please refer

to the disclosure under the heading “Costs and Expenses - Operations Summary”.

5



Capital expenditures at the Fort Knox operations in 2003 were $26.6 million compared to $15.0 million in

the same period last year. Phase 5 mine development was $3.2 million with the remainder of capital

directed towards equipment purchases and rebuilds, the drilling of pit de-watering wells and exploration.

During 2003, exploration was conducted within the Fort Knox pit, at the True North mine, on the Gil

project and at Ryan Lode. Results from the Fort Knox in-pit work confirmed the continuity of the

mineralized zones to justify the Phase 6 layback at an assumed gold price of $325 per ounce. At Gil, 10

kilometers east of the Fort Knox mine site, an engineering scoping study was completed. Reserves at

year-end 2003 for Fort Knox and area deposits increased by approximately 10% to 2,945,000 ounces at

an estimated gold price of $325 per ounce compared to the previous year.

Round Mountain (50% Ownership Interest), USA

Kinross acquired its ownership interest in the Round Mountain mine, located in Nye County, Nevada,

USA, upon completion of the combination with Echo Bay on January 31, 2003. Round Mountain

continues to perform well in spite of a power problem that limited mill production in the second half of

2003. Kinross’ share of fourth quarter gold equivalent production totaled 86,433 ounces and eleven-

month production, ended December 31, 2003, totaled 364,271 ounces. Gold equivalent production was

positively impacted by higher gold recoveries due to the installation of new carbon columns during the

second quarter and the implementation of side slope leaching of the historic dedicated leach pad.

Due to the failure of an electrical transformer, production activities in the second half of the year focused

on accelerating ore placement on the dedicated leach pads to offset crushing and milling limitations.

Higher-grade ore, which would have been milled during a portion of the third and fourth quarters, was

stockpiled. As a result of the flexibility provided by having three separate processing streams, the lower

mill throughput did not severely impact production for the second half of 2003. The transformer repairs

have been completed and the mill was back at full production in February 2004.

Total cash costs per gold equivalent ounce were $238 per ounce during the fourth quarter and $201 per

ounce for the eleven-month period ended December 31, 2003.

Kinross’ expectation for Round Mountain is to produce approximately 367,000 ounces to the Company’s

account at total cash costs of $223 per ounce in 2004.

Reconciliation of the Round Mountain Mine Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Eleven Months Ended

December 31,

2003

Operating costs included in financial statements

Site restoration cost accruals

Change in bullion inventory

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

76.7

(1.8)

(1.5)

$

73.3

364,271

$

201

$

Total cash costs are non-GAAP measures. For further information on this non-GAAP measure, please refer

to the disclosure under the heading “Costs and Expenses - Operations Summary”.

6



Kinross’ share of capital expenditures at the Round Mountain mine in 2003 was $5.7 million. Pit

dewatering and dedicated leach pad construction accounted for the majority of the capital expenditures.

At the Gold Hill project, reverse circulation and diamond drilling was completed during 2003 in order to

verify the block models. As a result of exploration activity at Round Mountain and Gold Hill, the

Company’s gold reserves at Round Mountain and area were 1,850,000 ounces at an estimated gold price

of $325 per ounce, essentially unchanged at the end of 2003 compared to the pro forma reserves at year-

end 2002.

Porcupine (49% Ownership Interest), Canada

Kinross’ share of fourth quarter gold production from the Porcupine Joint Venture was 58,637 ounces, a

9% improvement over the 53,577 ounces produced during the same period last year. Total cash cost per

ounce was $197, a 12% improvement over the $224 per ounce achieved during the fourth quarter 2002.

Kinross’ share of gold production in 2003 increased to 223,960 ounces at a total cash cost of $211 per

ounce as compared to 189,464 ounces during 2002. Kinross’ share of comparable production includes

only 100% of Hoyle Pond mine production for the first six months of 2002, whereas, 2003 production

figures reflect Kinross’ 49% ownership share in the Porcupine Joint Venture formed on July 1, 2002.

Production in 2003 was 2% greater than plan and total cash costs per ounce were essentially on plan in

spite of the strengthening Canadian dollar relative to the US dollar. These improvements were achieved

despite power outages and associated power constraints during August.

Kinross’ expectation for Porcupine is to produce approximately 200,000 ounces for the Company’s account

at total cash costs of $230 per ounce in 2004.

Reconciliation of the Porcupine Joint Venture Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Year Ended

December 31,

2002

$ 38.6

(1.5)

1.5

(0.6)

$ 38.0

189,464

$ 201

2003

Operating costs included in financial statements

Site restoration cost accruals

Change in bullion inventory

Operating costs not related to gold production

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$ 53.4

(1.6)

(1.5)

(2.9)

$ 47.4

223,960

$ 211

Total cash costs are non-GAAP measures. For further information on this non-GAAP measure, please refer to

the disclosure under the heading “Costs and Expenses – Operations Summary”.

Kinross’ share of capital expenditures at the Porcupine Joint Venture in 2003 was $8.3 million. This

amount included expenditures on the tailings dam lifts and the development of the Pamour project.

The Pamour open pit feasibility study was finalized in late 2003 and permitting work was initiated.

Demolition of the old Pamour headframe and associated infrastructure was completed in preparation for

the development of the open pit operations.

7



An aggressive exploration program continued during 2003 with 88,090 metres of exploration diamond

drilling completed. These activities resulted in the Porcupine Joint Venture replacing its reserves

consumed in 2003, such that reserves estimated at $325 per ounce were 1,489,000 ounces for Kinross’

account at year-end 2003.

Kubaka (98.1% Ownership Interest), Russia

During the fourth quarter of 2003, Kinross’ share of gold equivalent production from the Kubaka mine

was 43,236 ounces (98.1% ownership) at a total cash cost of $194 per ounce, compared with the 47,125

ounces (54.7% ownership) produced at a total cash cost of $123 per ounce achieved during the same three

month period in 2002. Comparable production was lower due to the completion of mining activities at

the Kubaka pit at the end of 2002 and the commencement of processing of relatively lower grade ore

stockpiles which was partially offset by the increased ownership interest in 2003. The processing of

stockpiled ore, combined with underground mining activities, continued in the fourth quarter.

Production in 2003 was similarly impacted by the closure of the Kubaka open pit with Kinross’ share of

gold equivalent production totaling 164,006 ounces (54.7% ownership to February 28, 2003, 98.1%

thereafter) at a total cash cost of $194 per ounce down from the 220,972 ounces (54.7% ownership) at a

total cash cost of $133 per ounce achieved during 2002.

Gold equivalent production in 2003 was 13% less than plan due to lower underground production

partially offset by higher than plan mill throughput. Underground production is expected to continue well

into 2004 to supplement low-grade stockpiles and initial ore from a test pit at the Birkachan property

located 28 kilometres north of Kubaka.

Kinross’ expectation for Kubaka is to produce approximately 137,000 gold equivalent ounces to the

Company’s account at total cash costs of $260 per ounce in 2004.

Reconciliation of the Kubaka Mine Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

2003

Operating costs included in financial statements

Site restoration cost accruals

Change in bullion inventory

Management fees and other

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

$ 30.6

(0.5)

0.3

1.6

$ 32.0

164,006

$ 194

Year Ended

December 31,

2002

$ 28.6

(0.8)

(0.1)

1.6

$ 29.3

220,972

$ 133

Total cash costs are non-GAAP measures. For further information on this non-GAAP measure, please refer

to the disclosure under the heading “Costs and Expenses - Operations Summary”.

Kinross’ share of 2003 capital expenditures at Kubaka was $1.7 million.

Exploration drilling during the second half of 2003, assisted in further defining mineralization at

Birkachan and the Tsokol deposits. Kinross’ share of gold reserves at Kubaka and area, estimated at $325

per ounce of gold, increased to 410,000 ounces at year-end 2003 due to the inclusion of initial reserves at

Birkachan and Tsokol, exploration success on the underground portion of Kubaka and the increase in

ownership year-over-year.

8



Paracatu (also known as Brasília - 49% Ownership Interest), Brazil

Kinross acquired its ownership interest in the Paracatu open pit mine, located in th